Alexander the Great, 43, 52–53 Allied Irish Bank, 97 All the ...

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Alexander the Great, 43, 52–53 Allied Irish Bank, 97 All the ...

Published : Thursday, July 21, 2011
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Abbey National, 59 Abertis Infraestructuras, 59 ABN Amro, 96 Adenauer, Konrad, 81– 82, 86 Aging population, 109 –110, 122 –123, 199 Albania, 38 Alexander the Great, 43, 52 –53 Allied Irish Bank, 97 All the President’s Men(Woodward and Bernstein), 73 Almunia, Joaquin, 129 Alogoskoufis, George, 117 al-Qaeda, 94 – 95 Annunziata, Marco, 174 –175 Argentina, 219 Arthius, Jean, 26 Asmussen, Joerg, 165, 167, 169 Athens: May Day, 2010, 1– 8 Olympic Games (2004), 54, 116 –117 Australia, 116, 246, 247 Austria, as EU core country, 73 Autostrade, 59 Axa, 212 Axel Springer group, 136
Bailouts of Greece: Greek crisis of 2010, 4 – 8, 92, 100, 114, 128 –129, 135 –136, 207–208, 218 –221, 220 –221, 249 –250 historic, 40, 42 – 43 resistance to 2010, 132 –133, 136 –148 Baker & McKenzie, 162 Baldwin, Richard, 73 Balogh, Lord, 81 Banca d’Italia, 194
Banco Santander, 59, 61, 184 Bank Deutscher Länder, 79 – 82 Bank for International Settlements (BIS), 73, 107, 110, 198 –199 Bank of England, 18 –19, 78, 97, 98, 103 –105 Bank of France, 17–18, 24, 49, 78 Bank of Greece, 43, 44, 46, 139 Bank of Ireland, 29, 97 Bank of Japan, 102 Bank of Spain, 60, 62, 184 Barclays Global Aggregate index, 209 Barclays Global Treasury index, 209 Barroso, José Manuel, 153, 211–212, 227 Barysch, Katinka, 248 –249 Bear Stearns, 96, 199 Belgium, 29 credit crunch and, 97 debt and, 198 as EU core country, 71, 73, 91 Benz, Karl, 76 Berlusconi, Silvio, 156, 158, 161, 163 –164 Bernanke, Ben, 202 Bernstein, Carl, 73 Blair, Tony, 24 Bloomberg, 53, 111, 123, 149, 163, 176 –177, 207, 218 –219 BNP Paribas, 59, 69, 95, 97, 184 Bobolas family, 5 – 6 Bockhahn, Steffen, 176 Bonn summit (2009), 129 –132 Borg, Anders, 173 Botin, Emilio, 59 Braudel, Fernand, 36 Brazil, 90, 261 Bretton Woods system, 16 –17, 44, 82 – 83 Bribery in Greece, 121–122
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BRIC nations, 89 – 90, 261 Brown, Gordon, 93 – 95, 199 Brüderle, Rainer, 142, 169 Brussels summit (2010), 4 –5, 149 –182 Brzeski, Carsten, 217 Bulgaria, 38, 39, 50, 140 Bullock, Charles, 37 Bundesbank, 78 – 84, 194 Brussels summit (2010), 164 –167, 169 –172, 176 –177 credit crunch and, 105 European Central Bank (ECB) versus, 24, 26 –29 predecessors of euro, 18 –19 resistance to Greek bailout, 141–142 Bundestag, Brussels summit (2010), 150 –151 CajaSur, 184 –185 Cameron, David, 173 Canada, 246, 247 Capital Economics, 186, 195 –196, 219 –220, 230 Carlson, Sarah, 208 Carville, James, 103 –104 Catholic Church, 60, 184 –185 Centre for Economic Policy Research, 71–73 Centre for European Reform, 248 Charlemagne, 36 China, 13, 89 – 90, 116, 164, 251, 256, 261 Chinn, Menzie, 12 –13 Chirac, Jacques, 25, 27–28, 162 Christian Social Union, 148 Churchill, Winston, 15, 255 Citigroup, 209, 210 Cliffe, Mark, 224 Clinton, Bill, 103 –104 Club Med countries: debt of, 70 –71, 108, 116, 149 –152, 157, 160, 174 –175, 180, 182, 195 –196 end of euro and, 252 –253 impact of Greek crisis on, 183 –196 list of, 59, 73 Cobb, Henry N., 58 Cold War, 38, 39 Commerzbank, 97, 150 Common Agricultural Policy, 67 Constantinople, 37 Corfu, 7 Corrigan, Gerald, 119 –120 Corruption in Greece, 117–125 Coulton, Brian, 186 Credit card industry, 99
Credit crunch, 93 –110, 218 Germany and, 11, 77–78, 89 – 90, 94, 97, 98, 101, 105 Group of 20 conference in London (2009), 93 – 96 Lehman Brothers collapse, 2, 11, 75, 95 – 96, 146 –147, 149 –150, 161, 223, 254 quantitative easing and, 101–107 sovereign indebtedness during, 101–110 stimulus packages, 100 –101 Credit-default swaps, 128 –129 Credit ratings.SeeSovereign debt Credit Watch, 127 Croatia, 50 Cyprus, 31, 210 Czech Republic, 50, 55, 241 Daimler, Gottlieb, 76 Darling, Alistair, 173 Debt.See alsoSovereign debt credit crunch and, 98 –110 cross-border bank lending, 197–198 in France, 98 in Germany, 62, 89 in Ireland, 65 – 66, 189 –193 in Norway, 98 in Spain, 89 in the United Kingdom, 89 in the United States, 62, 89, 99 Defaults by Greece, 37–38 Deflationary policies, 214 –218, 226, 245 De Gucht, Karel, 119 Delastik, Giorgos, 5 – 6 Dell, 68 Delors, Jacques, 19 –20 Denmark, 20, 50 Desmond, Dermot, 66 Deutsche Bahn, 123 –124 Deutsche Bank, 59, 256, 260 Dionysius the Elder, 37 Dorrance, John, 66 Drachma, 43 – 46, 49, 52, 53, 232 –233 Duisenberg, Wim, 24, 30 Dunne, Sean, 66
Economic and Social Research Institute (Ireland), 191 ECU (European Currency Unit), 18, 23 Edinburgh, Duke of, 93 – 94 Edison, Thomas, 256 Einstein, Albert, 76 Elizabeth, Queen of England, 93 – 94 EMU Advisory Council, 25 EMU Government Bond Index, 209
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Estonia, 50 Eucken, Walter, 81 Euro.See alsoGreek crisis Brussels summit (2010), 4 –5, 149 –182 central bank for, 23 –24 changes after Brussels summit (2010), 177–182 controversy surrounding, 9 –12, 14, 21–22, 250 creating multiple currencies, 235 –240 dollar vs., 12 –14, 20 –21, 31–32, 250 –251 entry criteria, 45 –52, 69, 117–120, 130 –131, 142 global economy after, 243 –262 history of development, 14 –19 impact of dismemberment, 248 –257 impact of joining, 9 –12, 28 –32, 52 –55, 68 –74, 105 –125, 210 importance in capital markets, 12 –14 launch of physical, 29 –30, 33 –34 lessons learned from, 257–262 move toward single European currency, 14 –19 naming, 23 optimal currency area, 22 origins of, 8, 16, 19 –22, 29 –30 as political currency, 50 potential breakup of, 223 –241, 248 –257 potential solutions to crisis of, 226 –242 predecessors, 14 –19 as scheme for recycling money from core to periphery, 73 –74 size of euro area, 50 –54 symbol for, 205 –207 tenth anniversary, 9 –12, 14, 30 –32 timetable for implementing, 22 –29 Euro, The(Marsh), 194 Eurobond, Brussels summit (2010), 156 –157, 169, 172, 173, 178 European Central Bank (ECB): Brussels summit (2010), 149, 150, 155, 160 –161, 170, 171, 174, 175 –178, 179 –182 credit crunch and, 95 – 96, 105 –107, 185 –186 financial market responses to Greek crisis, 207–208 first president of, 24 –25 Greek bailout package of 2010, 4 – 8, 128 –129, 142 –143, 207–212, 215 headquarters location, 24 –26, 36 implementation of euro, 22 –30 inflation and, 25 –26, 29, 31 interest rates and, 10 –11, 57, 62 – 63, 69, 70 –73 launch of physical euro, 29 –30 lessons learned from euro, 257–262 May Day, 2010, 1– 8
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operations of, 24 tenth anniversary of euro, 9 –12, 14, 30 –32 European Commission, 27, 45, 51, 117, 122 –123, 178, 190, 218 European Currency Unit (ECU), 18, 23 European Economic Community (EEC), 16, 40, 41, 67 European Financial Stability Facility, 178 –179 European Iron & Steel Community, 21, 259 European Monetary System (EMS), 18 –19 European Stabilization Mechanism, 178 European Union (EU): aging of population, 99, 109 –110, 122 –123 agricultural subsidies, 230 Bonn summit (2009), 129 –132 Brussels summit (2010), 4 –5, 149 –182 centers of power, 36 Club Med countries, 59, 73 –74 core countries, 71, 73 –74, 240 –241 divide between northern and southern Europe, 36 –37 entry criteria, 45 –52, 69, 117–120, 130 –131, 142 Greece as member of, 51–55, 117–120 Greek bailout package of 2010, 4 – 8, 207–211, 215, 218 –221 Growth and Stability Pact, 25 –28, 46 – 47, 115 –116, 181–182, 229 –232, 260 lessons learned from euro, 257–262 Maastricht Treaty criteria, 19 –20, 28, 45 –52, 118 –120, 130 –131, 142, 170 May Day, 2010, 1– 8 no-bailout rule, 130, 142, 144, 145, 177–178 origins of, 16, 20, 32 potential solutions to crisis, 226 –242 predecessors, 21–22 resistance to Greece in, 33 –35, 37– 43, 48, 49 resistance to Greek bailout (2010), 132 –133, 136 –148 stress tests on banking systems, 225 traditional position of Germany in, 90 – 92 Exchange rate mechanism, 244 Federal Reserve, 20, 24, 78, 103 –105 Federation of Greek Industries, 121 Fels, Joachim, 234 Ferber, Markus, 142 Ferguson, Niall, 203 Finland, 29, 72, 167, 173 –174 Fitch Ratings, 99, 128, 129, 140, 183, 184, 186 FitzGerald, Garret, 190 Fortis, 97 Foster, Norman, 151 Fox Business Network, 215 –216
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France: Brussels summit (2010), 155 –164, 167–169, 172, 175, 177, 180 credit crunch and, 97, 98, 100 end of euro and, 252 establishment of European Central Bank (ECB), 24 –29 as EU core country, 71, 73, 91 growth of banking system, 73 impact of euro, 115 origins of euro and, 16, 30 postwar prosperity, 38 predecessors of euro, 17–18 socialist government in, 42 – 43, 91, 139, 159 tax breaks in, 109 France Telecom, 28 Franco, Francisco, 58 Frank, Charlotte, 169 Frankel, Jeffrey, 12 –13 Free Democrats, 174 Friedman, Milton, 250 Friedrich, Hans-Peter, 148 GDP per capita, 63 Gehry, Frank, 58 Geithner, Timothy F., 154 –155, 231 General Electric, 256 German SPD, 42 Germany, 75 – 92 Brussels summit (2010), 150 –153, 156 –160, 163 –175, 181 credit crunch and, 11, 77–78, 89 – 90, 94, 97, 98, 101, 105 end of euro and, 248 –251, 253 establishment of European Central Bank (ECB), 24 –29 as EU core country, 71, 73 euro crisis and, 244 –245 export strength of, 231–232 Greek crisis and, 4 –5, 92, 128 –133, 136 –139, 144 –146, 148 history of Bundesbank, 78 – 84 Nazi occupation of Greece, 5, 38, 39, 44, 139 origins of euro and, 16 postwar prosperity, 38, 79 – 84, 86 – 92 potential move out of euro, 234 –235 predecessors of euro, 17, 18 –19 resistance to euro, 77, 84 – 85 resistance to Greece in EU, 33 –35, 37– 43, 48, 120 reunification of, 28, 77, 85 – 88, 90 – 91, 241, 247 sovereign debt of other countries and, 70 –71
Swabian housewife mentality, 10 –11, 75 –78, 92, 229 Gibbs, Robert, 168 Giscard d’Estaing, Valery, 16, 159 Goldman Sachs, 96, 119 –120 Gold standard, 15 –17 Gomez Sierra, Santiago, 184 –185 Gonzalez-Paramo, José Manuel, 225 Goodwin, Fred, 96 Great Britain, 50 Brussels summit (2010), 173 credit crunch and, 93 – 96 opt-out of EU, 20, 50 predecessors of euro, 17, 18 –19 Great Crash of 1929, 96 Great Depression, 2, 11, 80, 97, 98, 101, 192, 245 Greek bonds, 2 –3, 53, 105 credit ratings for Greece, 114, 127–129, 132 –133, 140 –141, 146 –148, 207–214 as junk bonds, 140, 146 –147, 207–209 Greek civil war of 1946 –1949, 3, 39, 44 Greek crisis: austerity program, 1– 8, 129, 133 –134, 148, 211–212, 215 –218, 238 Bildcampaign, 136 –139, 145 Bonn summit (2009), 129 –132 Brussels summit (2010), 4 –5, 149 –182 contagion resulting from, 183 –204 corruption in Greece, 117–125 credit rating declines, 114, 127–129, 132 –133, 140 –141, 146 –148, 207–214 deflationary trap following, 214 –218, 226, 245 discussions of rescue package, 135 –136 financial markets and, 149 –153, 163, 172, 174 –175, 187–189, 207–214 Greek request for assistance, 147–148 internal devaluation following, 217–218 International Monetary Fund (IMF) and, 4 – 8, 142 –144, 149 –150, 207–211, 215, 218 –221 May Day, 2010, 1– 8 potential recovery from, 214 –218 potential solutions, 226 –242 resistance to bailout, 132 –133, 136 –148 Spain and, 183 –187 strikes and riots, 6 –7, 134 –135 Greenspan, Alan, 12 –13 Gros, Daniel, 73 Group of 20 (G-20): Canadian summit (2010), 231 London summit (2009), 93 – 96
Group of Seven, 204 Growth and Stability Pact, 25 –28, 46 – 47, 115 –116, 181–182, 229 –232, 260 Grupo Ferrovial, 59 Habermas, Jürgen, 85 – 87 Haladjian, Mardig, 210 Hankel, Wilhelm, 52, 84 Hayek, Friedrich, 44 HBOS, 96 Hermes, 205 Hitler, Adolf, 77, 79 Holocaust 82, 86, 88 Holy Roman Empire, 36 Hoover, Herbert, 101 Hornung, Dietmar, 190 HSBC bank bombing, 4 Hu Jintao, 164 Hungary, 50, 55 Hyperinflation, 25 –26 Hypo Real Estate, 97 IBM, 256 Iceland, 97 India, 90, 261 Industrialization process, 36 Industrial Revolution, 15 –16 Inflation: after collapse of Bretton Woods system, 82 – 83 European Central Bank (ECB) and, 25 –26, 29, 31 in euro-zone core countries, 71–72 in Germany, 79, 81 in Greece, 41– 43, 51, 54 in Ireland, 71–72 in Italy, 193 –194 quantitative easing and, 101–107 in Spain, 59 – 60, 62 – 63 ING, 217, 224 Interest rates: ECB in setting, 10 –11, 57, 62 – 63, 69, 70 –73 quantitative easing and, 101–107 International Monetary Fund (IMF), 204 Brussels summit (2010), 4 –5, 153 –154, 163, 166, 168, 174, 175, 179 credit crunch and, 95 Greek bailout package of 2010, 4 – 8, 142 –144, 149 –150, 207–211, 215, 218 –221 May Day, 2010, 1– 8 Spain and, 58, 60
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International Olympic Committee (IOC), 116 –117 Investec, 66 Ioannina, 7 Ireland, 63 –74 austerity program, 189 –193, 226, 238 as Club Med country, 63 – 64, 73 credit crunch and, 97 GDP per capita, 63 – 65 growth of banking system, 72 –73 impact of euro in, 71–72, 115 –116, 192 impact of Greek crisis on, 189 –193 joins euro, 68 – 69 net emigration from country, 64, 65, 67– 68, 191 new rich class in, 63, 66 predecessors of euro, 17 pro-business policies, 66 – 69 property bubble in, 65 – 66, 191–193 Issing, Otmar, 21 Italy: austerity program, 226 Brussels summit (2010), 158, 172 as Club Med country, 59, 73 end of euro and, 252 Europe tax of 1997, 28 growth of banking system, 73 impact of euro in, 55, 195 –196, 213 impact of Greek crisis on, 193 –196 joins EU, 49 origins of euro and, 30 predecessors of euro, 17, 18 J.P. Morgan, 96 Japan, 59 credit crunch and, 98, 102 –103 debt and, 198, 199, 203 Jardine Fleming Securities, 101–102 Jospin, Lionel, 28 Juncker, Jean-Claude, 4, 27, 135, 143, 208 Junk bonds, Greek bonds as, 140, 146 –147, 207–209 Juppe, Alain, 25 Kaklamanis, Apostolos, 3 Karamanlis, Constantine, 35, 40, 41 Karamanlis, Kostas, 35, 112 –113, 117 Karamanlis family, 35 –36 Katainen, Jyrki, 173 Keynesian economics, 80, 82, 89, 198, 203 KfW Group, 101 KKE, 38, 39 Kohl, Helmut, 86, 90 – 91, 139, 159 Kypreas, Constantinos, 210
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Lagarde, Christine, 155, 162 –163, 167, 169, 172, 175, 180, 231 Latin Currency Union, 232 Latin Monetary Union, 15, 44 Latvia, 50, 55, 241 Lavel, Pierre, 101 Lehman Brothers collapse, 2, 11, 75, 95 – 96, 146 –147, 149 –150, 161, 223, 254 Lellouche, Pierre, 177 Lenin, Vladimir, 2, 7, 135 Leutheusser-Schnarrenberger, Sabine, 169 Lipsius, Justus, 158 Lithuania, 50, 241 Lloyds, 96 Lombard Street Research, 58 –59, 215 Long Depression, 256 Luxembourg, 63, 65 Maastricht Treaty, 19 –20, 28, 45 –52, 118 –120, 130 –131, 142, 170 Macedonia, 39 Maizière, Thomas de, 167–169, 173 Major, John, 20 Malivoir, Jean-Pierre, 206 Malta, 31, 210 Manos, Stefanos, 45 Marfin Bank firebombing, 7 Marsh, David, 194 Marshall Aid, 80 May Day, 2010, 1– 8 McKinsey, 61, 69, 70, 89, 261 McWilliams, David, 69 –70 Medvedev, Dmitry, 246 –248 Meister, Michael, 120 Merkel, Angela, 120, 231, 237 background of, 88 – 89 Brussels summit (2010), 150 –153, 156 –160, 163 –175, 172 –175, 181 credit crunch and, 101 elections of 2010, 148, 167–168 Greek crisis and, 4 –5, 130, 132, 136 –138, 142 –145, 148 Swabian housewife mentality and, 75 –78, 92 Michelbach, Hans, 145 Mill, John Stuart, 15 Mitterrand, Francois, 42, 91, 139, 159 Modernization process, 52 –55, 57– 63, 68 – 69, 192, 210, 252, 253 Monks, John, 211 Monnet, Jean, 21 Moody’s, 99, 188, 190, 207–210 Moral hazard problem, 259 Morgan Stanley, 105 –106, 197, 224 – 225, 234, 235
Mozart, Leopold, 76 Mrsnik, Marko, 114, 127 Mundell, Robert, 22, 50, 239 Naoussa, 7 Napoleon Bonaparte, 15 National Bank of Greece, 146 –147 National Interest, The( journal), 84 National Socialism, 44 Naxos, 7 Netherlands, as EU core country, 71, 72, 73 Nice Treaty, 68 Nintendo, 203 Nixon, Richard, 15 –16, 73 No-bailout rule, 130, 142, 144, 145, 177–178 Nölling, Wilhelm, 84 North Vietnam, 39 Norway, 63 – 65, 98 Nuremberg Trials, 86
Obama, Barack, 93 – 95, 100, 113, 150, 168, 175, 231 Obama, Michelle, 93 – 94 Odysseus, 147–148 Oliver, Jamie, 94 Olympic Airlines, 41 Olympic Games (2004), 54, 116 –117 Onassis, Aristotle, 66 OPEC, 13 Open Europe, 179 Optimal currency area, 22 O’Reilly, Tony, 66 Organisation for Economic Co-operation and Development (OECD), 61, 63 – 65, 83, 122, 199, 203 Ortega, Amancio, 61 Otto, King, 6
Package holiday business, 41 Panagopoulos, Yannis, 134 Panama, 140 Pangalos, Theodoros, 139, 187 Papaconstantinou, George, 129, 132, 143 Papademos, Lucas, 133 Papadopoulos, Georgios, 40 – 41 Papandreou, Andreas, 35, 42 – 43, 45, 111, 112, 114 –115 Papandreou, George, 2, 4, 5, 35, 39, 42 – 43, 111–115, 131–134, 136 –137, 142 –145, 147, 151, 158, 185, 215 Papandreou, Nick, 111 Papandreou family, 35 –36 Papantoniou, Yannos, 33 –34, 45 – 46, 51, 54 –55, 124 –125
Pasok Party, 45, 112 –115, 117 Patras, 7 Paul, King, 39 – 40 Paulson, Hank, 96 Pension system: in Great Britain, 199 in Greece, 122 –123, 124 Petallides, Nicole, 216 PIIGs, 187 Pöhl, Karl-Otto, 177, 180, 194 Poland, 50, 55 Policy Exchange, 199 Portugal: austerity program, 188 –189, 226, 230 Brussels summit (2010), 158, 172 as Club Med country, 59, 64, 73 impact of euro in, 55 impact of Greek crisis on, 187–189 joins EU, 49 Prodi, Romano, 51 Pryce, Chris, 140 Qualified Majority Voting, 178 Quantitative easing (QE), 101–107 Quantum Fund, 212 –213 Quinn, Ruairi, 67– 68 Quinn, Sean, 66 Rabobank, 200 Railways in Greece, 123 –125 Rawkins, Paul, 140 RCA, 256 Reagan, Ronald, 42, 66 – 67 “Regime of the Colonels” (1967–1974), 3, 40 – 41, 42, 111–112, 114 –115 Rehn, Olli, 167, 208, 230 Reichsbank, 78 –79 Reinfeldt, Fredrik, 130, 131 Reinhart, Carmen M., 37 Reuters, 207 Rocard, Michel, 32 Rodgers, Jim, 212 –213 Rodríguez Zapatero, José Luis, 158, 185 Rogers, Richard, 57 Rogoff, Kenneth S., 37 Romania, 50 Ropke, Wilhelm, 81 Roubini, Nouriel, 218 Rowling, J. K., 94 Royal Bank of Scotland, 96 Russia, 13, 37, 90, 163 –164, 246 –248, 261 Salgado, Elena, 172 Salonika, 7
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Sarkozy, Nicholas, 94, 141, 156, 158 –164, 167 Scandinavian monetary union, 15 Schachtschneider, Karl Albrecht, 84 Schaeffler, Frank, 137, 145, 152 Schäuble, Wolfgang, 87, 151–152, 156, 163, 166 –167 Schlarmann, Josef, 137 Schmidt, Helmut, 16, 84 – 86, 159 Schultes, Axel, 169 Schuman, Robert, 12 SCNF, 123 –124 Shipping industry, 41, 124 Simitis, Costas, 45, 51, 52 Slovakia, 12, 50, 241 Slovenia, 31, 50, 55 Smallwood, Christopher, 219 –220 Smith, Adam, 200 Snake, 16 –18, 19 Socialist government: in France, 42 – 43, 91, 139, 159 in Greece, 42 – 43, 45, 112 –115, 117 Sócrates, José, 158, 188 Sony, 203 Soros, George, 212 –213, 243 –246, 254 South Korea, 61, 68, 261 Sovereign debt.See alsoDebt in Belgium, 198 of Club Med countries, 70 –71, 108, 116, 149 –152, 157, 160, 174 –175, 180, 182, 195 –196 credit crunch and, 101–110 credit ratings for Greece, 53 –54, 114, 127–129, 132 –133, 140 –141, 146 –148, 207–210 credit ratings for Ireland, 190 –191 credit ratings for Portugal, 188 credit ratings for Spain, 183 –184 in Finland, 72 in France, 73, 115, 182, 197, 198, 199 in Germany, 72, 197, 199 in Greece, 2, 8, 45 – 47, 49, 51, 53, 70 –73, 114 –148, 149, 180, 182, 185, 198 –204, 214 –218, 253 –257 (see alsoGreek bonds) Growth and Stability Pact, 25 –28, 46 – 47, 115 –116, 181–182, 229 –232, 260 in Ireland, 69 –70, 107, 115, 149, 180, 182, 185, 197, 199, 200 –201, 226 in Italy, 70, 72, 73, 182, 193 –196, 197, 198, 199, 200 –201, 226 in Japan, 198, 199, 203 in larger European countries, 197–202 in the Netherlands, 72 in Portugal, 70, 72, 149, 180, 182, 187–189, 197, 198, 200 –201, 226
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Sovereign debt.(continued) in Spain, 60 – 62, 69 –73, 107, 115, 149, 183 –187, 197, 198, 200 –201, 226 trends in, 107–110, 196 –204 in the United Kingdom, 61, 107, 197, 198 –199, 202 in the United States, 107, 198, 199, 202 –203 welfare systems and, 108 –110, 122 –123, 124, 199 Sovereign Vulnerability Index, 200 Spain: austerity program, 185 –187, 226, 230, 238 Brussels summit (2010), 158, 172 as Club Med country, 57– 63, 64, 73 credit crunch and, 100 end of euro and, 252 growth of banking system, 73 impact of euro in, 55, 57– 63, 71–72, 115 –116 impact of Greek crisis on, 183 –187 joins euro, 49, 57–58, 69 predecessors of euro, 18 property bubble in, 57– 63 tourism in, 41 Special Purpose Vehicle (SPV), 178 –179 Stability and Growth Pact, 25 –28, 46 – 47, 115 –116, 181–182, 229 –232, 260 Stalin, Joseph, 38 Standard & Poor’s, 114, 127–129, 132, 146 –147, 185, 208 –209 Starbatty, Joachim, 84 Stark, Jürgen, 142, 171, 226 Strauss-Kahn, Dominique, 163 Swabian housewife mentality, 10 –11, 75 –78, 92, 229 Sweden, 50, 173 Switzerland, 63, 65, 210 Taiwan, 68, 261 Taxes: in France, 109 in Greece, 46 – 47, 120 –121 in Ireland, 67– 68 in Italy, 28 Teixeira dos Santos, Fernando, 172 Thatcher, Margaret, 42, 66 – 67, 76, 139 This Time Is Different(Reinhart and Rogoff ), 37 Tietmeyer, Hans, 48 – 49 Tito, Marshall, 39 Tobacco industry, 40 Tourism industry, 41, 124 Toyota, 203 Trades Union Congress (Great Britain), 211–212 Transparency International, 121
Treaty of Association, 40 Treaty of Versailles, 79 Trichet, Jean-Claude, 24, 49, 128 –129, 143, 144, 226 Brussels summit (2010), 149, 150, 155, 160 –161, 175 –178 euro tenth anniversary, 9 –12, 14 Tsipras, Alexis, 147 Turkey, 43, 233
UBS, 53, 69 Ulyukayev, Alexei, 246 UniCredit Group London, 174 –175 United Kingdom: credit crunch and, 93 – 96, 98, 103 –105, 107 European Union (EU) and, 20 United Nations, 124 United States: Brussels summit (2010), 154 –155 credit crunch and, 93 – 96, 98 –100, 103 –104, 107 Federal Reserve, 20, 24, 78, 103 –105 GDP per capita, 63, 65 U.S. dollar: Bretton Woods system, 16 –17, 44, 82 – 83 establishment as national currency, 20 –21, 250 –251 euro vs., 12 –14, 20 –21, 31–32, 250 –251 Van Rompuy, Herman, 141, 156, 227 Victoria, Queen of England, 44 Villepin, Dominique de, 162 Vocke, Wilhelm, 81
Waigel, Theo, 25 –28, 34, 48 Walters, Alan, 84 Watergate scandal, 73 Wealth of Nations, The(Smith), 200 Weber, Axel, 164 –167, 170 –171, 176 –177 Weidmann, Jens, 151, 165 Wellink, Nout, 171 Werner, Richard, 101–102 Westerwelle, Guido, 169 Wilson, Harold, 81 Woodward, Bob, 73 World Broad Investment-Grade Bond Index, 209 World Government Bond Index, 209 World War II, 96, 97, 105, 107, 139, 204 Yugoslavia, 38, 39 Zara, 61 Zemek, Theodora, 212 Zimbabwe, 25, 146, 201
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